Economists expect the Fed's first interest rate increase is at least a year away, but that could change if inflation were to accelerate.

Still, some say the Fed might actually welcome the news of slightly higher inflation. For the past two years, inflation has remained under the Fed's target, and an uptick would help ease concerns that inflation might be too low.

Once again, investors will be looking for fresh clues about when short-term rates will finally rise when the Fed issues its statement Wednesday afternoon and Chair Janet Yellen speaks with reporters.